Crude Oil Prices LIVE: Crude oil prices jumped over 7% to multi-months high levels on Monday as war in the Middle East escalated, following US and Israeli military strikes on Iran, with the vital Strait of Hormuz effectively shut, several tankers damaged and shipments disrupted from the key producing region.
Brent crude futures prices surged to $82.37, the highest since January 2025, after the US and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei on Saturday. Brent crude oil price rallied 7.60% to $78.41 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 7.19% to $71.86.
Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. The attacks resulted in ships with collateral damage as missiles hit at least three tankers off the Gulf coast and killed one seafarer.
Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles, Reuters reported.
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